Income Tax

GAAR (General Anti-Avoidance Rules) is a broad set of provisions that have the effect of invalidating an arrangement that has been entered into by the taxpayer with the objective of obtaining a tax benefit. While GAAR may not cease legitimate tax planning in all cases, it does call for a

The Bill was introduced to amend the Income-tax Act, 1961 and the Finance Act, 2016. The below are the changes proposed vide the amendment bill:   Amendment to provisions of Section 115BBE (W E F 01-04-2017);  Proposed to amend the applicable tax rate in relation to income referred to in

Legal Background:-   Section 50C of the Income Tax Act, 1961 was inserted by Finance Act (“FA”) 2002 w.e.f 01-04-2003. It provides that where the consideration received or accrued as a result of transfer of capital asset by the assesee being land or building or both is less that value

Flash News!!!   The Central Government in exercise of the Powers conferred in 145(2) of the Income tax Act, 1961 notifies1 Income Computation and Disclosure Standards (‘ICDS’) to be followed by all assessees (other than exempted2 ) following mercantile system of accounting for the purpose of computing income under the

Introduction In order to provide an opportunity to all persons, a new scheme, i.e., Income Declaration Scheme, 2016 (“Scheme”) has been introduced by the Finance Ministry which allows all persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax,

The Finance Bill, 2016 proposed to insert a new section – section 270A on imposition of penalty to replace the existing section 271of the Income-tax Act, 1961 (“Act”) which has been matter of litigation throughout. This section shall come into effect from April 1, 2017 i.e., Assessment Year (“AY”) 2017-18.

Source:   Chapter X of Finance Act, 2016 provides for the scheme. The Scheme come into force on 1st July, 2016. The declaration may make declaration on or before 31st December, 2016.   The declarant (as defined in the scheme) has to file a declaration in relation to ‘tax arrear’or

Chapter IX of the Finance Bill, 2016 introduced the Income Declaration Scheme, 2016(“scheme”). It shall come into force from 1stday June, 2016.   Salient Features of the Scheme:-   All persons who have not declared income correctly up to Financial Year 2015-16can come forward and declare such undisclosed income(s); Where

“Only two things are certain in life: Death and taxes- Benjamin Franklin”.   We all agree with the above quote. Death will certainly put end to so many issues but not tax issues! In this article, we shall understand the assessment proceedings pertaining to a deceased assessee with the help

Income Tax Act, 1961(“Act”) provides for deduction of allowance or expenditure while computing business income chargeable to tax . However if after claiming the amount as expenditure earlier, any benefit is derived in subsequent year, such amount will be brought to tax by virtue of provisions of section 41 of